Endurance Technologies (ENDURANCE) Q3 24/25 earnings summary

Executive summary

• Consolidated revenue for Q3 FY25 reached INR 28.8 billion, up 11.3% year-over-year, with profit after tax rising to INR 1.84 billion; 9MFY25 revenue was INR 86.8 billion, up 14% year-over-year.

• EBITDA for Q3 FY25 was INR 3.94 billion, up 21% year-over-year; consolidated EPS for trailing 12 months at INR 56.97, more than double the IPO year.

• European subsidiaries delivered strong growth despite a flat market, aided by strategic acquisitions and robust cost control.

• Major expansion projects underway, including a greenfield die-casting plant, new R&D facility for suspension systems, and plans to double alloy wheel capacity.

• Significant new business wins across product segments, with a focus on EV and four-wheeler markets.

Financial highlights

• Standalone Q3 FY25 revenue was INR 21.9 billion, up 9.2% year-over-year; Europe Q3 FY25 income was INR 6.92 billion, up from INR 5.68 billion.

• Standalone PAT at INR 1.57 billion (+18.5% YoY); consolidated PAT at INR 1.84 billion (+21.1% YoY).

• Q3 FY25 consolidated EBITDA margin at 13.7%, up from 12.6% last year; Europe at 16.2%.

• Maxwell subsidiary reported Q3 FY25 income of INR 0.26 billion, up from INR 0.19 billion year-over-year.

• EPS for Q3 FY25 at INR 13.11 (consolidated) and INR 11.15 (standalone).

Outlook and guidance

• Optimistic on continued double-digit growth in Europe, supported by recent acquisitions and new business wins.

• Order book expected to be boosted by INR 32.5 billion of RFQs under discussion.

• ICE revenue in Europe expected to reduce to 25% by FY28 as EV/hybrid share increases.

• New greenfield projects and R&D investments expected to drive future growth, especially in EV and four-wheeler segments.

• Plans to double alloy wheel capacity with new greenfield project at AURIC Bidkin, SOP in Q2FY26.